S&P puts Autopistas Metropolitanas on watch

S&P said it placed its BBB- ratings on Autopistas Metropolitanas de Puerto Rico LLC’s $435 million of 6.75% senior secured notes due June 2035, $181 million of 7.5% senior secured notes due December 2038, and $120 million 7% of senior secured notes due December 2038 on CreditWatch with negative implications.

S&P cited the effects of the government-ordered shutdown that includes travel restrictions.

“The CreditWatch placement reflects the possibility that we could lower the rating by at least one notch should the lockdown or behavioral changes due to the virus continue for a longer duration than our base case forecast or if traffic otherwise materially declines due to the economic recession. We plan to resolve the CreditWatch placement within 90 days as we continue to monitor traffic behavior on PR-22 and PR-5,” the agency said in a press release.

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